04 Apr What Adds Value to Your Home?
Finally spring is here and it’s time for home projects to begin. Before deciding which project to start on you might want to know what adds value to your home? This depends on if you’re thinking of staying put for years or putting the house up for sale within the next five years. Let’s look at the return of investment you would get on certain projects to help you make a decision on where to start.
According to several sources, the number one project for ROI is adding attic insulation to your home. This would be the loose-fill fiberglass type. According to Remodeling Magazine this has a 107.7% ROI. It’s not very fun or eye catching but it will save on your energy bills.
Curb appeal is extremely important especially if you’re thinking of selling in the next few years. The second highest return of investment is replacing your old entry door with a new steel or wood door. For this easy project your ROI would be about 90%. If your home is sided take a good look at your siding. Is it worn, wavy, or discolored? It might be time to consider residing your home. Along with residing, adding stone veneer to the bottom 1/3 of the house not only boosts curb appeal but also adds value to your home, about 89% ROI. Also take a look at your garage door. Does it need replacing too? If these projects are too costly, a fresh coat of paint does wonders! General maintenance is a must, keep your lawn mowed, bushes trimmed, and weeds pulled.
Maybe you’re thinking of updating a few rooms inside your home. A kitchen remodel almost always adds value to your home but it can cost anywhere from $5,000 to over $75,000. A minor kitchen remodel would include new appliances, re-facing or painting the cabinets, new countertops, and painting the walls. There are many other things you can do such as; put in new flooring, replace the back splash, or reconfigure the space completely. For a minor kitchen remodel the ROI is approximately 80% while the major kitchen remodel in about 65%.
How about a smart investment in your home? Smart technology is the new appeal to homeowners and home buyers alike. Smart thermostats can save you on your energy bills, while other smart products can protect your home and even save on your homeowners insurance. These would include a smart alarm system, smoke detectors and even sensors to alert you of water leaks. By even adding one or two of these technologies your home becomes more appealing to potential buyers.
There are so many more projects you could consider this spring. You could add a wood deck (71% ROI) or patio (55% ROI) for outdoor living. Maybe a bathroom remodel (64% ROI) or a basement remodel (70% ROI) would complete your home. Whichever you choose to do, consider what needs are to be met and what your budget is for each project.
Before you tackle a big project this spring, remember that basic upkeep adds the most value to your home. By performing routine maintenance such as; changing your furnace filters, fixing leaks, keeping paint fresh, inspecting your roof, cleaning gutters, downspouts, and drains, you will avoid any surprises in the future while presenting a well-kept home for future owners.
Source: Remodeling Magazine 2017 Cost vs. Value Report
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